According to @QCPgroup, BTC perpetual funding on Deribit turned negative by Saturday after staying above 20% for a week while spot drifted higher, signaling a red flag in their view, source: QCPgroup on X, Aug 18, 2025. According to @QCPgroup, a similar funding and spot divergence setup preceded BTC’s fall to 112k earlier this month, highlighting a historically bearish outcome for crowded longs, source: QCPgroup on X, Aug 18, 2025.